Budget Speech 2020

Madam Speaker,

The Aloe Ferox survives and thrives when times are tough. It actually prefers less water. It wins even when it seems the odds are against it.

Mr President, in your State of the Nation Address two weeks ago you reminded us that our capacity to win is not diminished. We have it within ourselves to be the best in the world. Congratulations to Miss Universe Zozibini Tunzi, the Springboks, and the Proteas, who won while we were preparing this Budget.

Our economy has won before, and it will win again.

Before democracy our growth was pedestrian. Indeed, between 1990 and 1992, the economy contracted for three years in a row.

In the fifteen years following democracy, economic growth averaged 3.6 per cent a year. The gross debt-to-GDP ratio declined from 46 per cent to 26 per cent.

In the five years from 2003 to 2008, growth averaged around 5 per cent, and South Africa was amongst the fastest-growing major economies. The unemployment rate improved by 5 percentage points.

Now, even after a decade of weak economic performance, South Africa still boasts deep and liquid capital markets, strong institutions, the most diversified economy on the continent, and a young population.

We are part of the most vibrant continent in the world. As Pliny the Elder said: "Ex Africa semper aliquid novi"

Winning requires hard work, focus, time, patience and resilience.

Achieving economic growth and higher employment levels requires a plan. To quote First Corinthians chapter 9 verse 24:  "Do you not know that those who run in a race all run, but only one receives the prize? Run in such a way that you may win"

The Aloe Ferox survives and thrives when times are tough. It actually prefers less water. It wins even when it seems the odds are against it.